This week in crypto: Silvergate's out, Alameda's suing, Canaan's down, and Tether's clapping back at haters. Get the full scoop with the Crypto Biz Newsletter. (Reporting via forgeforth_)
. The lawsuit, filed in Delaware, alleges that Grayscale charged over $1.3 billion in management fees, supposedly violating trust agreements. The company also “contrived excuses” to prevent shareholders from redeeming their shares. The lawsuit seeks to “unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts […] and realize over a quarter billion dollars in asset value for the FTX Debtors’ customers and creditors.
of orchestrating “a carefully crafted campaign of lies” to hide a hole in an associated company’s balance sheet.This is a surprise. John Ray is turning over every rock - including legal challenges to Grayscale's model - to maximize recoveries for FTX creditors.
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